A Doo Bee

Homeowners Feel the Pain of Over-Improvement Syndrome

You are missing the point... During a market downturn, what is often most important is how long a home is on the market. You forget that a home with the Viking stove and granite countertop, although it doesn't command a huge variation in price, will help the home sell much faster.

If I follow your reasoning, during a downturn people prefer to buy previously owned homes with Formica rather than granite. This is not true. While they might not want to pay as much of a premium for it as they once did, they will still choose the more luxurious home than the one next door with "builder's quality" finishes.

Smart flippers are having a field day purchasing distressed homes, repairing, remodeling and selling. The market is slow but it isn't dead.

I produce concrete countertops which are a notch above granite. Those with money are still spending. Those who were foolish are doomed to begin spending again when the housing downturn completes its cycle later this year.